Shipping Industry Faces Challenges with Vessels Stuck in Hormuz Amid Conflict
The shipping industry is experiencing significant strain as hundreds of vessels and approximately 20,000 seafarers remain trapped in the Gulf region due to the ongoing conflict affecting the Strait of Hormuz. Despite a ceasefire, renewed hostilities have kept the strait largely closed, preventing ships from leaving without safety assurances. V.Group, a major global ship manager, has 13 ships stuck in the Gulf, with half being tankers. The company's CEO, Rene Kofod-Olsen, emphasized the need for international guarantees of safe passage before shipping can resume normal operations. The situation has led to irregular operational frameworks, posing challenges for ship owners and insurers. Shipping executives, gathered in Athens, highlighted the deepening strain on crews and the need for a balanced risk assessment by ship owners. 
